Rent collections tick up at Kimco properties
Kimco, one of the largest owners of grocery-anchored and open-air shopping centers in the United States, announced that traffic, occupancy rates, and rent collections continued trending upward in August. As a result, it will pay a 10-cent-per-share cash dividend in the third quarter.
The continued increase in foot traffic, Kimco said, has led to higher rent collections and a reduction in rent deferral agreements at its properties. All of Kimco’s 400-plus centers are open, as are 96% of its tenants. Rent collections have ticked up from 76% in June, to 82% in July, to 86% in August.
“This dividend declaration reflects the board’s confidence in the strength and quality of our portfolio and its ability to provide successful last-mile fulfillment opportunities for our tenants and shoppers," said Kimco CEO Conor Flynn.